Grayscale Bitcoin Trust (BTC)

Grayscale ran the original bitcoin fund long before ETFs existed. Launched in 2013, the trust let investors hold bitcoin in a security, but for years it traded at wide premiums and discounts to the coins it held because shares could not be redeemed. Grayscale sued the SEC over that structure, won in court, and in January 2024 converted GBTC into a true spot ETF that tracks bitcoin closely. The catch is cost: Grayscale kept a 1.5% expense ratio, far above the newer rivals that launched at a fraction of that, and billions of dollars flowed out to cheaper funds. It remains one of the largest bitcoin funds by assets and among the most heavily traded, favored by holders sitting on low-cost-basis positions who would rather not sell and trigger taxes just to save on fees.

On MyRWA, GBTC trades tokenized across 1 on-chain venue - see the listings below.